Compare Reliance Life and Income Protection Policies

Information verified correct on September 28th, 2016

Who is Reliance Life Insurance?

Reliance Life Insurance Company is a leading life insurance provider that offers its policies to more than nine million customers worldwide. Reliance offers life insurance products for both individuals and groups, with an extensive network of more than 1,200 branches and over 100,000 insurance agents.

Founded in India by Shri. Dhirubhai H. Ambani, Reliance is now India’s largest private sector enterprise. The company is a part of Reliance Capital, which has interests in mutual funds, asset management, stock broking, private equity, general insurance and a range of other financial products and services.

Reliance’s life insurance products are specifically designed to cater to the needs of four unique market sectors: protection, children, retirement and investment plans. Though it is headquartered in Osaka, Japan, Reliance Life Insurance Company also offers policies in North America, Europe and Asia.

The company’s vision is to provide financial independence to every one of its customers, while providing impressive valuable and reliable life insurance policies are both crucial parts of its mission statement.

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Reliance Life Insurance Policies

Reliance offers three Protection Plans which are designed to ensure that your family is looked after if the worst ever happens to you. The plans are designed to suit a range of different lifestyles and needs, guaranteeing peace of mind for you and your family. The plans are:

  • Reliance Online Term. This is an online life insurance policy that is designed to offer a high level of cover at an affordable price. Simple and straightforward to apply for, a Reliance Online Term plan can be arranged online with just a few easy clicks. This offers convenient protection for your family against a range of unforeseen events and circumstances. You can choose your level of cover based on your needs, while if you live a healthy lifestyle you will be rewarded with lower premiums. In keeping with the convenience of the online application process, this options features a simplified medical examination process where the testing can be conducted at your home at a day and time of your choosing.
  • Reliance Term Plan. This plan is Reliance’s comprehensive offering that aims to provide essential financial protection for your family. You can tailor this policy to include everything you need and no cover options you don’t require, which also helps to keep premiums at an affordable level. You can take advantage of cover for a range of common risks, plus add optional riders to provided protection against a number of more specialised risks. Tax benefits are also available under this policy.
  • Reliance eTerm Plan. This is another online life insurance product from Reliance and it offers an increased level of flexibility to consumers. Available for a policy term of between 10 and 30 years, this plan offers a simple application process and the ability to get your medical tests done at your convenience. In addition to the death benefit, an extra accidental death benefit can also be paid in certain circumstances. As this is a term life insurance policy there is no maturity benefit to be paid.

What Other Policies Does Reliance Life Insurance Offer?

Reliance Life Insurance also offers a number of other policy options to groups and individuals. These include:

  • Unit Linked Plans. Commonly referred to as ULIPs, these plans can be used for both protection and investment purposes. In addition to the peace of mind of life insurance cover, customers also receive market linked returns on their investments. You can choose from a Reliance Classic II Plan, which is a savings plan that offers long-term investments in multiple funds, or a Reliance Pay Five Plan, which lets you make five yearly premium payments to build a long-term savings balance.
  • Child Insurance Plans.Reliance Child Plans are designed to help you systematically save funds to secure your child’s future. Customers receive guaranteed periodic benefits and a maturity benefit, allowing them to pay for things like higher education, buying a home or anything else.
  • Health Plans. Reliance Life Insurance Health Plans allow you to receive a lump sum benefit if you suffer an accident or illness. There are plans available to provide cover for individuals or the entire family.
  • Group Insurance. Reliance also offers a range of group insurance plans for employers to provide the best insurance coverage for their employees. Customers can choose from Employers Liability Solutions, Employee Protection Solutions and Group Saving Solutions.

How to Make a Claim With Reliance Life Insurance

How you go about making a claim with Reliance will depend on the policy you hold and the nature of your claim. Critical Illness, Total and Permanent Disability or Death claims need to be submitted directly to the Claims Department in Chennai, India, or at the branch nearest to you.

For claims relating to death or critical illness, you may have to fill out one or more of four possible claims forms. For example, if you’re making a critical illness claim you will have to fill out Claim Form A (available for download from the Alliance website), while Claim Form B will need to be filled out and signed by the attending doctor. You’ll also need to supply your original policy documents and all hospital reports in order for your claim to be processed.

For claims that fall under the Wealth and Health sector, you may have to fill out one of three claims forms available from Reliance—there are forms for the Hospital Cash Benefit, Critical Conditions Rider and Surgical Benefit Rider.

Make sure to supply any information and documents that Reliance requests in order to ensure that your claim is processed as quickly as possible.

Why Choose Reliance Life as Your Insurance Partner?

Reliance Life Insurance offers a wide range of benefits to its customers. As an established and trusted name in the insurance industry, Reliance is backed by a history of financial success and by an extensive network of branches and agents. This gives customers the security of dealing with a trusted insurance brand.

It also offers an extensive range of plans to look after the life insurance needs of a wide variety of customers. There are plans for individuals and families, while you can also take out a plan to secure your children’s future. The cover offered is comprehensive and of a high level, yet it is flexible enough to be tailored to ensure it matches up with your specific needs.

From term life insurance to linked investment plans, Reliance offers insurance solutions to suit an extensive variety of customers. In addition, cover is provided at an affordable cost. Many policies offer a straightforward online application process that is easy to understand and takes a lot of the hassle out of the life insurance application process.

Some Reliance plans also allow you to take advantage of a simplified medical examination process, allowing you to have the exams conducted at the day and time of your choosing. This convenient option helps make life insurance and even more attractive proposition to many people.

In short, Reliance offers a number of viable life insurance options for consumers in Australia and around the world. However, make sure to carefully weigh up the pros and cons of Reliance’s product offerings with other policies on the market to ensure you end up with the policy that is right for your needs.

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